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How do you choose a virtual account for receiving export payments in India?

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Editorial team, serviceexportguide.com
Verified by:
Editorial team
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Last modified
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10 min read

Short answer

A virtual account gives an exporter local bank details abroad, such as a US account for ACH.2 The provider converts the receipt and pays INR into an Indian bank account.26 Skydo lists local accounts in seven currencies.1 Razorpay lists USD, GBP and EUR.2 Wise lists 11 local and 13 international currencies.3 RBI caps each PA-CB export transaction at ₹25 lakh.7

Applies toGoverned byDeadlinePenaltyLast verified
Exporters receiving payments through a cross-border payment aggregator (PA-CB)7RBI Master Direction on Regulation of Payment Aggregators, 15 September 2025, paragraph 11(d)7Not applicableNot applicable2026-10-30
Every service exporter, whatever the collection route, from 1 October 202664FEMA (Export and Import of Goods and Services) Regulations, 2026, regulations 3, 4 and 1964EDF within 30 days from the end of the invoice month64Not set out in the regulations cited on this page2026-10-30

When a US client pays an Indian web developer by wire, the payment crosses borders through correspondent banks. With a virtual account, the same client pays a US account number by ACH, a domestic transfer, and the provider moves the money to India. For example, a client in Germany paying an Indian translator would make a SEPA transfer to a euro account. This page explains what to compare and lists what each provider publishes.2

Providers are ordered by estimated cost on published fees, cheapest first, then providers without full published pricing, A to Z.

What is a virtual account for an Indian exporter?

A virtual account for an Indian exporter is a set of local bank details abroad, issued by a payment provider, that your client pays like a domestic supplier. Razorpay, for example, describes virtual accounts that accept ACH in USD, FPS in GBP, SEPA in EUR, and SWIFT.2

  • Account holder name: Karbon Business describes US account details in the user's name, and Tazapay describes virtual account details in the business's name.45
  • Settlement: the provider converts the receipt and pays INR into your Indian bank account, or in some cases foreign currency into an EEFC account.26

The provider, its banking partners and its RBI status all affect what you receive and what documents you get.

How is a virtual account different from a bank wire?

A virtual account differs from a bank wire mainly in how the client pays and who converts the money. With a wire, your Indian bank receives foreign currency through correspondent banks and converts it at its rate; intermediary banks may deduct fees on the way.17 With a virtual account, the client pays domestically and the provider converts. Either way, from 1 October 2026 every service exporter files an EDF, and how that works for receipts through a payment aggregator is best confirmed with your bank.64 See bank wire vs payment platform.

Who can sign up for a virtual account, and what does each provider offer on FIRA and RBI status?

Who can sign up for a virtual account depends on the provider: some accept unregistered individuals, some only registered or incorporated businesses.8 This table shows each provider's FIRA terms, RBI position and sign-up eligibility.8

ProviderFIRA or FIRCStatus in IndiaWho can sign upBest for
SkydoSays a free FIRA on every payment; timing not published25RBI-listed PA-CB for inward and outward transactions, authorised 8 January 20268Individuals aged 18 or over, proprietorships and companies, for business payments only26Local bank transfers from major markets1
RazorpayFIRS emailed within 24 hours after settlement for bank transfers; no charge published248RBI-listed PA-CB for inward and outward transactions8Indian businesses with Razorpay KYC; the MoneySaver form lists Individual, proprietorship, partnership, companies and LLP2Local transfers from the US, UK and eurozone2
Karbon BusinessSays a FIRA for every transaction from an unnamed bank partner; cost not published4Not on the RBI list itself; its terms run export receipts under a partner the RBI lists as a PA-CB840Marketed to freelancers and businesses; its forex terms require a user incorporated in India440US bank transfers and marketplace payouts4
WinvestaFree e-FIRA emailed within 24 hours of funds reaching your bank52Says it is an OPGSP; not on the RBI payment aggregator list or PA-CB application tables84353Freelancers (PAN, Aadhaar) and businesses5455Local transfers with a published per-payment fee3029
PayoneerFree digital FIRA per transaction, in 24 to 72 hours (also given as 1 to 3 business days)41Registered OPGSP; PA-CB in-principle authorisation only, which RBI lists as unable to operate as a PA-CB yet4243Individuals (freelancers) and businesses, aged over 181644Marketplace payouts such as Amazon or Upwork62
AirwallexFIRC from a partner bank on request through support; fee may apply, not published35Not on the RBI payment aggregator list under the name Airwallex; India businesses are onboarded by its Singapore entity836Companies, LLPs, partnerships and proprietorships (GST certificate needed for the last two); no route listed for unregistered individuals37Registered businesses paid by bank transfer379
Cashfree Paymentse-FIRA free within 1 day (product page); eFIRS on T+1 on request (docs)1438RBI-listed PA-CB for inward and outward transactions8Registered businesses only1239Registered businesses paid by local transfer3911
PingPongFree digital FIRC, applied for in the dashboard, 3 to 5 business days45Says it is an OPGSP with an RBI-approved liaison office; not among RBI-listed PA-CBs846Individuals and businesses (partnerships, corporations, sole proprietorships)47Collecting marketplace and processor payouts618
TazapayFIRC USD 4, requested from partner banks2749Not on the RBI payment aggregator list; says it operates through Tazapay Canada Corp. under the Rupee Drawing Arrangement850Incorporated businesses only51Companies taking card or local payment methods5163
Wisee-FIRC per transfer within 3 working days; free or 2 USD equivalent depending on the page333RBI-listed PA-CB for inward transactions (PA-CB-I), authorised 12 March 20268Sole traders with a personal PAN, proprietorships, private limited companies, LLPs and general partnerships56Bank transfers to local account details3

Currenxie also offers virtual accounts in nine currencies, but to businesses registered outside India, and it is not on the RBI's payment aggregator list.85758 Its Best for value is companies registered outside India.5857

How do you compare virtual account providers?

You compare virtual account providers on currencies, receiving fees, conversion to INR, FIRA terms, invoice checks and eligibility, using each provider's own published pages.8

  1. Check currencies and countries: which currencies have local details, beyond SWIFT.
  2. Check the receiving fee: flat or percentage, and any GST on it.
  3. Check conversion to INR: published markup or not.
  4. Check FIRA or FIRC terms: per receipt, with timing and cost.
  5. Check invoice checks: whether an invoice is needed before settlement.
  6. Check eligibility and RBI status: who can sign up, and the provider's RBI status. The RBI caps each PA-CB export transaction at ₹25 lakh.7

Compare the same invoice amount across providers, since fees are flat on some and percentage-based on others.

What currencies, fees and conversion terms does each virtual account provider publish?

Virtual account providers publish different currency sets, receiving fees and conversion terms, and several do not publish a conversion percentage for INR.8 The table lists providers that publish local collection details for Indian exporters.

ProviderCurrenciesPublished receiving feeConversion to INRBest for
SkydoUSD, GBP, AED, CAD, EUR, AUD, SGD local; SWIFT in 32 currencies123USD 19 + GST up to USD 2,000; USD 29 + GST to USD 10,000; 0.3% + GST above24Product page: mid-market, 0% markup; terms: retail rate set by Skydo or partner banks2526Local bank transfers from major markets1
RazorpayUSD, GBP, EUR local details, plus SWIFT2Bank transfers: 1% + GST, or ₹1,000 flat below ₹1,00,00021Bank transfers: says 0% markup at live rate; cards: markup not published2122Local transfers from the US, UK and eurozone2
Karbon BusinessUSD virtual account; also names EUR and GBP4Not published40% (freelancer page) or 0.5% to 1.0% (PayPal comparison page)415US bank transfers and marketplace payouts4
WinvestaUSD, EUR, GBP, CAD local; SWIFT for 30+ more290.99% + $3 (USD) up to 2,000 a month; 0.2% above 100,000 a month; 18% GST on fees30Advertises 0% markup; reference rate not published3132Local transfers with a published per-payment fee3029
PayoneerUSD, GBP, EUR, AUD, CAD, SGD, HKD, AED, CNY, JPY16Local USD receipts free per its India account page; pricing page shows 'fixed fee or 1%' for non-local currencies16171% to 4% on withdrawal to INR; exact rate shown in the account17Marketplace payouts such as Amazon or Upwork62
Airwallex20+ globally; list for India-registered businesses not published9Singapore schedule: 0% for collections in most currencies; no India pricing page10Singapore schedule: 0.40% for major currencies, 0.60% for a list including INR; how it applies to USD to INR not published10Registered businesses paid by bank transfer379
Cashfree PaymentsUSD, EUR, CAD, GBP local details, plus SWIFT11Global Collections: Not published (quoted on request)12Says no forex markup; rate and spread not published1314Registered businesses paid by local transfer3911
PingPong12 currencies on its home page; six on its freelancer page618Receiving free, per PingPong; 1% withdrawal fee19Set by PingPong at its discretion; no percentage published20Collecting marketplace and processor payouts618
Tazapay35+, including USD, EUR, GBP, SGD, AUD, HKD5Collection accounts: Not published; cards 3.8% + USD 0.527Not published; rate shown before you confirm28Companies taking card or local payment methods5163
Wise11 local and 13 international currencies (24 in all)32 USD equivalent per transfer (help article) or free (pricing page); Swift receipts 6.11 USD (general fee table)33334Mid-market + a conversion fee; INR percentage not published33Bank transfers to local account details3

What happens if you do not upload an invoice for a virtual account receipt?

Some virtual account providers require an invoice before they settle each receipt, so a missing invoice can hold up settlement.25960

  • Razorpay: needs an invoice and buyer address uploaded for every MoneySaver payment, except Amazon, Upwork and Freelancer platform transactions.259
  • Winvesta: needs an invoice with the purpose code and other fields for each withdrawal.60
  • PingPong: says it may ask for the invoice or contract for a client's wire transfer.61

For a consultant with one retainer client this is routine; for a marketplace seller with many small receipts it adds work.

Which virtual account providers suit which kind of exporter?

Each virtual account provider's own pages describe the situations it fits, and the table restates them in the same order as above.

ProviderBest forSituation its pages describe
SkydoLocal bank transfers from major markets1Clients in the US, UK, UAE, Canada, Europe, Australia or Singapore who can pay by local bank transfer in their own currency1
RazorpayLocal transfers from the US, UK and eurozone2Clients in the US, UK or eurozone paying by local bank transfer (ACH, FPS or SEPA), with INR in your Indian bank account the next business day after invoice details are shared2
Karbon BusinessUS bank transfers and marketplace payouts4Clients who can pay by US bank transfer to a USD account, or payouts from Upwork, Fiverr or Toptal4
WinvestaLocal transfers with a published per-payment fee3029Clients paying by local transfer in USD, EUR, GBP or CAD, where you want a published per-transaction fee2930
PayoneerMarketplace payouts such as Amazon or Upwork62Marketplaces or platforms that pay out to Payoneer, such as Amazon, eBay, Fiverr or Upwork62
AirwallexRegistered businesses paid by bank transfer379A registered Indian company, LLP, partnership or GST-registered proprietorship wanting local account details abroad for clients paying by bank transfer937
Cashfree PaymentsRegistered businesses paid by local transfer3911Billing through a registered Indian business, with overseas clients paying by local transfer in USD, EUR, CAD or GBP and INR settled automatically1139
PingPongCollecting marketplace and processor payouts618Payments through marketplaces, app stores or processors such as PayPal and Stripe, collected into a receiving account618
TazapayCompanies taking card or local payment methods5163An incorporated Indian company that can provide the KYB documents Tazapay lists for India5163
WiseBank transfers to local account details3Clients willing to pay by bank transfer to local account details in USD, GBP, EUR or another supported currency3

No provider fits every exporter; match the row to how your clients actually pay.

What are the common mistakes when choosing a virtual account?

The most common mistake is comparing only the receiving fee, when several providers do not publish their conversion to INR as a percentage.202833

  • Ignoring the PA-CB limit: RBI caps each PA-CB export transaction at ₹25 lakh.7
  • Assuming every currency is local: Skydo and Winvesta list more currencies by SWIFT than by local details.12329
  • Forgetting the EDF: every service exporter files an EDF from 1 October 2026, whatever the route.64
  • Choosing a provider that does not onboard your entity type: some accept only incorporated or registered businesses.1251

Confirm current fees, FIRA terms and RBI status on each provider's own page before you switch.

How did we verify this?

We checked this page against the sources below on 30 October 2026. Read our methodology or report an error.

  1. [1]Skydo FAQs, What countries can I get paid locally through Skydo? (checked 2026-10-28)
  2. [2]Razorpay Docs, International Bank Transfer (MoneySaver Export Account) (checked 2026-10-28)
  3. [3]Wise Help Centre, Receiving payments for Indian businesses (checked 2026-10-28)
  4. [4]Karbon Business, Karbon for Freelancers (checked 2026-10-28)
  5. [5]Tazapay, Global Business Account (multi-currency global accounts) (checked 2026-10-28)
  6. [6]PingPong India, home page (checked 2026-10-28)
  7. [7]RBI: Master Direction on Regulation of Payment Aggregators, 15 September 2025, paragraph 11(d)
  8. [8]RBI: Certificates of Authorisation issued under the Payment and Settlement Systems Act, 2007, Payment Aggregators (PA-O, PA-P and PA-CB), list dated 16 October 2026 (checked 28 October 2026)
  9. [9]Airwallex Help Centre, Which currencies can I get a Global Account in and what payments can I receive? (checked 2026-10-28)
  10. [10]Airwallex Singapore, Fee schedule, last updated 10 October 2026 (checked 2026-10-28)
  11. [11]Cashfree Payments Docs, Global Collections: Collection Accounts (checked 2026-10-28)
  12. [12]Cashfree Payments, Payment Gateway Charges (India), International Cards, Global Collections and Cross Border FAQ (checked 2026-10-28)
  13. [13]Cashfree Payments, Cross Border Payment solutions: Accept international payments (checked 2026-10-28)
  14. [14]Cashfree Payments, Global Collections: International wire transfer for Indian businesses (checked 2026-10-28)
  15. [15]Karbon Business, PayPal Alternative comparison page (checked 2026-10-28)
  16. [16]Payoneer India, Multi-currency account page and FAQs (checked 2026-10-28)
  17. [17]Payoneer India, Payoneer Fees (checked 2026-10-28)
  18. [18]PingPong India, Freelancers and Service Providers (checked 2026-10-28)
  19. [19]PingPong India Help Center, What is the charging standard? (checked 2026-10-28)
  20. [20]PingPong Service Terms and Conditions, section 3.1, section 9.3 and Exhibit A (Applicable to Customer Location in India) (checked 2026-10-28)
  21. [21]Razorpay, Multi-Currency Account for International Bank Transfers (MoneySaver Export Account pricing) (checked 2026-10-28)
  22. [22]Razorpay Docs, Currency Conversion (checked 2026-10-28)
  23. [23]Skydo FAQs, In which currencies I can receive money using Skydo? (checked 2026-10-28)
  24. [24]Skydo FAQs, How much does Skydo charge? (checked 2026-10-28)
  25. [25]Skydo, Receive international payments as a freelancer in India (product page) (checked 2026-10-28)
  26. [26]Skydo, Terms of Use, last updated 9 April 2026 (checked 2026-10-28)
  27. [27]Tazapay, Pricing (checked 2026-10-28)
  28. [28]Tazapay Knowledge Base, What FX rate is charged? (checked 2026-10-28)
  29. [29]Winvesta FAQs, What currencies are available with local accounts? (checked 2026-10-28)
  30. [30]Winvesta FAQs, What are the charges for the global collections account? (checked 2026-10-28)
  31. [31]Winvesta, Multi-Currency Business Account (checked 2026-10-28)
  32. [32]Winvesta FAQs, How can I view the FX rate for the conversion of my funds? (checked 2026-10-28)
  33. [33]Wise India, Fees for getting paid (Wise Business receive pricing) (checked 2026-10-28)
  34. [34]Wise India site, Wise Business pricing, fees at a glance (checked 2026-10-28)
  35. [35]Airwallex Help Centre, What is an FIRC and how do I get one? (checked 2026-10-28)
  36. [36]Airwallex Help Centre, Eligible Countries and Territories (checked 2026-10-28)
  37. [37]Airwallex Help Centre, Documents required for companies in South East Asia (India section) (checked 2026-10-28)
  38. [38]Cashfree Payments Docs, Global Collections FAQs (checked 2026-10-28)
  39. [39]Cashfree Payments Docs, Global Collections overview (checked 2026-10-28)
  40. [40]Karbon Forex Terms and Conditions, Interropac Private Limited (checked 2026-10-28)
  41. [41]Payoneer Help Center, Digital FIRA FAQ (checked 2026-10-28)
  42. [42]Payoneer India, Payoneer's multi-jurisdictional licenses (checked 2026-10-28)
  43. [43]RBI: Status of Applications received under the Payment and Settlement Systems Act, 2007, as on 16 October 2026 (checked 28 October 2026)
  44. [44]Payoneer, How to receive international payments in India (last modified 31 August 2026, checked 2026-10-28)
  45. [45]PingPong India Help Center, How can I get a FIRC? (checked 2026-10-28)
  46. [46]PingPong India, License and Regulation (checked 2026-10-28)
  47. [47]PingPong India Help Center, What steps should I follow for registering a PingPong account? (checked 2026-10-28)
  48. [48]Razorpay Docs, FIRS Automated Process (checked 2026-10-28)
  49. [49]Tazapay Developer Docs, FIRC (Foreign Inward Remittance Certificate) local guide (checked 2026-10-28)
  50. [50]Tazapay, Licences, Registrations and Disclosures (checked 2026-10-28)
  51. [51]Tazapay, General Account Holder Terms and Conditions, last updated 15 September 2026 (checked 2026-10-28)
  52. [52]Winvesta FAQs, When will I receive my e-FIRA certificate? (checked 2026-10-28)
  53. [53]Winvesta FAQs, How is Winvesta regulated? (checked 2026-10-28)
  54. [54]Winvesta FAQs, What documents do I need to open a global collection account as a freelancer? (checked 2026-10-28)
  55. [55]Winvesta FAQs, What documents do I need to open a global collections account as a business owner? (checked 2026-10-28)
  56. [56]Wise Help Centre, How to verify your Indian business to receive payments (checked 2026-10-28)
  57. [57]Currenxie, Network page: local collect, local payout and wire countries (checked 2026-10-28)
  58. [58]Currenxie, Global Account product page and FAQ (checked 2026-10-28)
  59. [59]Razorpay Docs, Manage Invoices and Transactions (International Bank Transfer) (checked 2026-10-28)
  60. [60]Winvesta FAQs, What GST invoice do I need to withdraw funds? (checked 2026-10-28)
  61. [61]PingPong India Help Center, Can I receive funds from purchaser through wire transfer? (checked 2026-10-28)
  62. [62]Payoneer, How to use Payoneer in India (last modified 18 September 2026, checked 2026-10-28)
  63. [63]Tazapay Knowledge Base, Are there country differences for the documents needed for KYB? (checked 2026-10-28)
  64. [64]RBI: Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026, FEMA 23(R)/2026-RB, amended up to 22 September 2026, regulations 3, 4 and 19

Frequently asked questions

Is a virtual account a real bank account?+

A virtual account is a set of local account details issued through a provider and its banking partners, which your client pays like a domestic supplier. Karbon Business says its US account details are in the user's name, and Tazapay says its account details are in the business's name.45 Check each provider's own description before you share the details.

Can I keep money in a virtual account?+

Most virtual accounts are built to pass money through rather than hold it. Wise, Razorpay and Cashfree convert and settle in INR, while PingPong and Razorpay offer foreign currency settlement to an EEFC account.23614 Ask the provider how long funds can sit before conversion or withdrawal.

Which currencies can Indian exporters get virtual accounts in?+

Virtual account currencies vary by provider. Skydo lists USD, GBP, AED, CAD, EUR, AUD and SGD; Cashfree lists USD, EUR, CAD and GBP; Winvesta lists USD, EUR, GBP and CAD.11129 Skydo and Winvesta also accept further currencies by SWIFT, where intermediary banks may deduct fees on the way.172329

Do virtual account providers give a FIRA?+

Most virtual account providers publish some form of FIRA or FIRC, but timing and cost differ, from a free digital FIRA per transaction at Payoneer to USD 4 per FIRC at Tazapay.2741 Check whether the document is issued automatically or only on request before you choose a provider.

Is there a limit per payment into a virtual account?+

Some virtual account providers publish a limit per payment. Cashfree caps Global Collections invoices at USD 10,000, and Wise returns payments above ₹25 lakh equivalent.338 For PA-CBs, RBI's Master Direction caps each export transaction at ₹25 lakh.7 Split large invoices only where the contract allows it.

Can a business registered outside India use Currenxie for virtual accounts?+

Currenxie offers virtual accounts in nine currencies to businesses registered outside India, and it is not on the RBI's payment aggregator list.85758 An Indian freelancer or company receiving export payments into India would look at providers that onboard Indian businesses instead.

This page is general information for Indian service exporters, not tax or legal advice. Rules change and outcomes depend on your facts, so confirm with a chartered accountant before acting.

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